24, April 2015

USD/CHF (a 4 hour chart)

USD/CHF (a 4 hour chart)

General overview

The Swiss National Bank announced the list of accounts reduction from May 1 to which the negative interest rates accrual is not applicable. Now this rate is minus 0.75%. The news caused the Swiss franc sales. However the pair fell on the yesterday’s trades.

The price is finding the first support at 0.9540, the next one is at 0.9370. The price is finding the first resistance at 0.9750, the next one is at 0.9950.

There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.

The MACD indicator is in a neutral territory. The price is decreasing.

Trading recommendations

We advise to long with the first target - 0.9750. When the pair consolidates above the first target, we can open deals to the level of 0.9950.